Loan to develop city centre hotel project.
THE OWNERS of Newport's Clarence House are set to be given a PS750,000 loan to convert two upper floors into hotel accommodation.
Newport City Council has secured PS1m of Welsh Government repayable funding to support regeneration projects of vacant and underused sites across the city.
A proposal to convert two vacant upper floors of the 11-storey office building in Clarence Place into 28 apart hotel rooms is set to be given PS750,000 from the fund.
The money will also enable an upgrade of the building facade which is described as 'tired' and in need of investment.
Under the plans floors eight and 10 will each be converted to provide 14 apart hotel rooms containing a bathroom, an open plan kitchen and living area, and one or two bedrooms.
Planning permission has already been secured to convert one of the two floors.
Nine Hills, the owners of Clarence House, has requested a PS750,000 loan with a 36-month repayment schedule.
The developer is also investing PS50,000 of their own money in the refurbishment project and is expecting it to take 16-months to complete.
It is proposed that the two floors will be leased to Gateway Apartments.
The scheme will also create jobs and provide "much needed bed spaces" to support the new International Convention Centre Wales.
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|Publication:||South Wales Echo (Cardiff, Wales)|
|Date:||Mar 20, 2020|
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